Yoder & Frey recently implemented a new free internet bidding platform and saw an explosion in online interest and bidding at its most recent Ashland, Ohio, auction.
Bidding was brisk at the one-day event with a mix of machinery going under the hammer; and online sales were up a massive $1.5 million over the previous auction, clearly demonstrating the international appeal and growing demand for quality used construction and related equipment, according to Yoder & Frey.
Buyers from across the USA and from more than 95 countries worldwide signed up and used the new online platform, developed by Yoder & Frey's international partner Euro Auctions, itself a leader in the unreserved industrial plant, construction equipment and agricultural machinery auctions sector since 1998.
“The new online sales platform is not only robust, safe, secure and easy to use, it is also totally free for bidders to sign up to and to buy from,” said Peter Clark, CEO of Yoder & Frey. “The technology has been used by auctioneers for over 20 years and to date has recorded global sales of almost $1 billion worth of machinery with over 20,000 registered online bidders. There are no barriers for buyers; it provides a truly global reach and is also great for consignors. Bidders can watch and listen to the auctions as its live streamed. What's more, we can directly market each individual piece of equipment to a known audience of over 140,000 registered users plus we can analyze the bidding and final hammer data in detail; further helping us target interested buyers with quality and relevant lots.”
This new Internet platform also was featured at the Yoder & Frey sale in Kissimmee, Fla., on May 24, followed by the auctions at Saugatuck, Mich., on May 31 and in Ashland, Ohio on June 21, and meant these auctions would reach out to a truly global audience. Consignors are able to target many more potential buyers while those looking to buy will increasingly be able to locate and bid on the exact specification of quality used heavy equipment they require. Being free and easy to sign up and use along with the robust and proven performance of the platform all add to its appeal and should help expand the reach and appeal of auctions to many more people, according to Yoder & Frey.
The platform has seen an increase in transactions year on year with a 25 percent increase from 2015 to 2016 and the total for the first four months of 2017 already standing at $80 million with the highest value item sold online valued at almost $1,000,000. The platform also has been used by buyers located in almost half of all the 196 countries around the world today, and by all nations in the top 70 in economic terms. To date 100,000 lots have been sold via the Internet using this platform.
“While bidders will always want to turn up to our auctions, see the equipment first hand, kick the tires, and interact with their buddies, a growing number of busy or oversees buyers who wouldn't otherwise be able to attend one of our auctions prefer to use computers or handheld smart devices to either bid on specific lots or simply monitor the used equipment markets,” Clark said.
“We've seen growing online demand over recent years, and are pleased to introduce this new robust, well tested and easy to use Internet platform to our customers, achieving a massive leap forward in performance and reach without risk; enabling our buyers and consignors to reap real advantage over the coming months and years.”
For more information, visit www.yoderandfrey.com/.